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20121205
20121213
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, is is the b plan -- $25.2 trillion by 2022. mr. obama wants $350 billn in entitlement cuts over the next ten years, mr. boehner wants $800 billion in entitlement cuts, and we're going to see a big, dramatic negotiation. and whatou and i is -- and all of our fellow americans are looking at is the prospect of a recession next year if the president and mr. boehner can't come to an agreement, as much as a 10% unemployment rate because both this president and the republican party, as you can see here, are playing at the margin. and the national media is not focusing on what the realy is. they're just playing games right in washingn.he folks in office andhis president is guilty of class warfare. fo what? for that? are you kidding me? president obama seems to love the drama. i thought he dn't like drama. but the reality iss there will e is little impa our fiscal future. and as nation, after all of the drama and whatever the outcome, we remain in geat jeopardy. because this isn't a fiscal future any of us, any of us wants. >>> morsi declares martial law in gypt and claims he's not a dictator. the
.8, oh, no, that's going to get cut down. it'll amount to $25.4 trillion. if, we'll call it obama wins. the national media waiting for that one. that's what's going to be. it's going to be a really dramatic -- you know, i ought to just trace that line, the change and show you exactly how it changes. this is how that line changes over the course of the next ten years, if the president wins. unfortunately, neither party is offering a serious proposal to trim either our deficit or our debt. the obama plan has $2 trillion in deficit reduction over the next ten years. the boehner plan goes for $2 trillion in deficit reduction, boehner wants, oh, yeah, he's going to kkck tail, all right? we're going to get $2.2 billion in the spending of this country. let me rephrase that. that'll be a $2.2 trillion reduction in the total planned spending. the growth of our spending will alter, it'll be just about that line right there. we're potentially looking at the republican plan, well, in 2020, i guess the best way to show you is just how tough it is. we'll only have a deficit and a debt, a national de
obama cut a deal, it will pass the senate and the house no matter what nancy pelosi wants. >> i disagree with that. >> we have agreed so far on almost everything so. >> not here to necessarily agree. >> not 95, '96, gingrich who could dictate. if john boehner did which was walk into the caucus and say accept this or i am leaving, they will say bye. same thing with obama. the democratic caucus thinks they have the leverage >> bill: 20 minutes. here stan collender lendcollender. i am going to ask you about apple announcing that they are going to have a whole new line of computer manufacturing in the united states and what that means leading up to the job numbers at the bottom of the hour. "full-court press," friday december 7th. >> this is the if you recall court press. , the bill res show live on your radio and on current t.v. street, destruction of medicare and medicaid. there are real issues here. having been a governor, i know that trade-offs are tough. things everyday exploding around the world that leave no shortage for exciting conversations. i wa
. president obama has not offered a specific plan for spending cuts. he has offered economic stimulus for job creation, but he has offered about $400 billion in medicare cuts as a starting point. president obama seems to be going to the mat on raising the top tax brackets for houses burning $250,000 or more, and this is what the republicans for political and historical reasons have had the most trouble. host: house republicans, according to "usa today," -- guest: the best indicator of that would be the budget passed by the house by paul ryan, and it includes budget category cuts lead in transportation, or social services for income security. it does not get to the specific program-level, but he is talking about a 26% cut in transportation, which analysts have extrapolated and could mean a huge cuts in the number of air-traffic controllers, for example which would cause flight delays and cancellations. they would have to get more specific later on. that is the general framework. host: how much does domestic spending consume of our federal government? guest: well, if they cut $38 billion, we ha
that the spending cuts go up and become more immediate. considering that obama has been open to spending cuts in previous negotiations and says he is open to it now and republicans have changed from where they were a year ago when it comes to tax increases, i think it will not take too much to get their, although there are still obstacles. host: the $1.60 trillion and $800 billion are the opening numbers. where are we with those numbers now. have those numbers been altered? guest: i do not know if republicans have gone above $800. the question will be, will obama be able to get above $800. once you start talking about the $1 trillion number, that is a politically sensitive number. obama might want to get above $1 trillion. republicans will want to keep it below $1 to win. host: are the senate ways and means and finance committees involved in these discussions? guest: sam bachus, the ways and means chairman, they're keeping in touch. their staff are very involved, because they're the guys who know all about taxes. they are definitely going to be involved in negotiations, even if they are sligh
the bush tax cuts and the obama tax cuts which have severely reduced the amount of revenue. the tax burden on americans from the federal government today is at an 80-year low. we simply cannot find the government with their revenues and the loss of jobs that we have. >> host: let me go back to you on that. is that true? >> the cbo has done a study. he got rid of all the current tax cuts, including the payroll tax cut, all parts of the biggest tax cut, not just the top level, and you have sequestration, so you actually have spending cuts, you could reduce that federal budget deficit to about 250- $300 billion in very short order. so this is a combination. we have had spending increases. let's not kid ourselves. we're coming of the worst. were spinning is dropping precipitously, and we're still running trillion dollar deficit. it's not all about the worst. it's about taxes and other spending. in the future let's not forget it will be in the social security and medicare and medicaid and all of which go into making ---financing around the end of the decade. that's not right. karen simple. but
: that is what might be caught -- cut? guest: that is what automatically expires. president obama has said as part of the deal i want to make, the benefits should continue. republicans have not taken a firm stand. we have seen in the past obama has had to make a deal on taxes. host: what specific benefits do these programs provide? guest: usually some kind of a cash benefit or they may help the search for a job. it is usually about $300 a week. it can vary from state sen. in the mississippi i want to say it is closer to $200. host: how are the programs funded? guest: they are funded through payroll taxes. through the trust the state administers the program and the money goes to the unemployed. host: talk about qualifications for unemployment insurance. what do people have to meet in order to apply? guest: generally what you have to do is you have to have a year of earnings. your earnings have to meet a certain threshold. you have to have been let go from a job. you cannot storm off having quit and necessarily qualify for -- to qualify for unemployment benefits. if he graduated from college
immediate action to avoid those automatic tax increases and spending cuts come january. president obama is saying that with the way speaker boehner plan stands now, no deal. >> unfortunately the speaker's proposal is out of balance. we will have to see the rates on the top 2% go up and we are not going to be able to get a deal without it. >> that was an exclusive with bloomberg t.v. and the first televised interview since the president's re-election. as you heard, taxes are the big issue blocking this deal from taking place. president obama is calling for downhill the amount of tax revenue as speaker boehner over the next tens years, most from the nation's top earners. many. republicans say that's not the way to handle this. here is marco rubio. >> it wouldn'ting make a small bent in the debt but it would heard middle class businesses. >> the g.o.p. could be risking a civil war over this issue. it does not look like obama is ready to cave. if that forces republican leaders to compromise staunch conservatives will likely rebel. more "bill press" up after t
to the floor that's basically -- that will be the obama tax cut. they're going to have to vote against it. the first vote of this new congress, they're going to have to vote against a middle class tax cut. no win for these guys if they don't pass it in the next week. they can't word it between now and then. crafting a bill actually takes some time and some process. >> stephanie: yep. megan in akron ohio. hi welcome. >> caller: hi. i just have a question for you. about the viability of a challenge to this in michigan. what can they do? >> stephanie: megan, i was doing that story earlier that the unions are saying -- this fight is not over. there may be a way you know, to be able to -- i don't know the technical term for it. basically to be able to put it back -- >> negative ballot initiative. some other options. >> stephanie: if they get enough signatures -- >> the history is not on their side. every time they try to do that, it has been -- >> stephanie: look at sb5 in ohio. take heart from that. i want to ask yo
. speaker boehner says he is waiting on president obama to outline spending cuts. this is kind of a strange thing for the speaker to say. president obama outlined specific cuts in his proposal to the republicans. republicans have not offered anything specific in cuts whatsoever. and nothing specific in revenue whatsoever. all generalizations. republicans want more spending cuts. tell us what you want, we say to them. we cannot read their minds. we will not make a proposal for them. they know that we are willing to make tough choices on these issues. i hope they understand by now that we will look out for the middle class first. illinois standing in the way of an agreement is republicans. -- the only thing standing in the way of an agreement is republicans. there is a lot of bluster coming from the republicans about society kremlin quickly. every day -- crumbling quickly. they are calling on the speaker to let tax rates rise. yesterday it was coburn. today was another. he said he would take raising rates are the top 2 bracket -- and went on with other things he wanted. he wants the rates to
speaker john boehner went to the floor and spoke about his meeting with president obama for the first time. boehner and the president sat down over the weekend. boehner says the meeting was nice and cordial but went on to attack the president's offer on spending cuts. >> we're still waiting for the white house to identify what spending cuts the president is willing to make as part of the balanced approach that he promised the american people. the longer the white house slow walks this process, the closer our economy gets to the fiscal cliff. right now the american people have to be scratching their heads and wondering when is the president going to get serious? >> boehner and his far right caucus may find the offer unacceptable, but president obama has put a lot on the table. nancy pelosi hit back at boehner's rhetoric today. >> the fact is, the president has and democrats agree, to $1.6 trillion cuts. where are the cuts? in bills that you, mr. speaker, have voted for. >> pelosi is lobbying for house republicans to hold a vote on letting tax cuts expire for the wealthiest americans. with h
. >> stephanie: what it does, it brings the senate past middle class tax cuts which president obama said he will sign immediately to the house. >> what we could do, if we get the 218 signatures, we'll need some help from what i would consider to be moderate to pragmatic republicans, it would be on christmas eve. we could have it done. it takes seven days after we get her done. we could do it christmas eve. president said they would sign it. what i think is stephanie it changes the entire debate on this. it gets away from this -- we crafted this deadline and it is an artificial deadline we crafted but it is serious. it is ludicrous. the people don't understand it. like in any other, they do these oversimplifications of the kitchen table budgeting. well if you use their analogy on that, when you can't decide on something, pick the things out you can. this is an easy one. republicans say they want it. they'll vote for it. i can find no reason why you wouldn't do it. >> stephanie: representative, obviously there's -- separate
if president obama and congressional republicans can't head off big tax increases and government spending cuts that are now 25 days away. for now, the administration is looking at the economy's bright side. let's go live to our white house correspondent dan loathian. >> reporter: the white house says it is another indication that the economy is starting to heal from some of the wounds inflicted by the economic downturn. vice president joe biden out speaking with middle class americans today said that the u.s. economy has turned the corner. he was very emphatic about that saying saying it is moving in a positive direction. at the same time, he was putting pressure on lawmakers to come to an agreement to avoid the fiscal cliff. it was yet another white house effort to rally support around its approach to the fiscal cliff. joe biden sitting down with seven middle class americans worried about their taxes going up. >> these are hard working, serious americans who are playing by the rules, doing it all right, and struggling already in this economy. >> reporter: jobs numbers, proof the administratio
pressure might grow so heavy, that whatever mix of tax increases and tax cuts and spending that he wishes, headline is obama must learn to negotiate. do you think that's true? that basically if you get closer and closer to the deadline, that the president can do whatever he wants? he holds the cards. >> i don't think that's true. the president has never waivered from what he said from when the republicans first brought us to the cliff. the first debate for the debt ceiling. he wants a plan big, bold, balanced. we were ready to sign on the dotted line a year ago. the problem was, it was a mix of spending cuts and tax increases on the wealthy and the republicans wouldn't gettive us a nickel of tax increases on the wealthy. the president in a much stronger position. he campaigned relentlessly on the notion to ask the wealthiest to pay more. is he in a better place. at the end of the day, we understand there has to be a compromise. i think the $250,000 figure is too low. i'm not willing to tell all of my constituents that earn below $250,000 that their taxes are going to go up, because i held
is talking about the rich in sort of obama terms. obama will come back and say no, we're going to eliminate the tax cuts for the rich. we're just going to give them to the middle class, and that's where they're ahead in public opinion, but i think they're not going to have i any choice. republicans have to stick together. they have to resist the pressure of the white house, and if obama wants to take them over a cliff and wants to inherit a new recession which will destroy his second term, i think they ought to say if that's what you want, mr. president, we'll just do it. >> well said as always. charles krauthammer, thanks so much for being with us. appreciate it. >> it's a pleasure. >>> coming up, jones makes a grand return and gloats about the victory in the election. his speech was nothing short of offensive. we'll play it for you. you'll hear the less than civil rhetoric being spewed by the former green jobs czar. the situation in syria has hit critical mass that president assad is ready to launch chemical weapons on his own people. president obama issued a warning to assad. to assad. w
, chairman of their budget committee, the attack he leveled to president obama for quote -- unquote -- cutting $700 billion out of medicare when, in fact, what the president did is get savings from people who were cheaters, the providers who were ripping off medicare and who put it back into medicare and extended the life of the program by eight years. these same people that ran ads against democrats -- maybe they did it to you. i don't know. all across the country, democrats voted to cut medicare. these same people who were crying these bitter tears are now suggesting destroying medicare as we know it. i can't believe it. i really can't believe it. who do you fight for? that's the basic question. why are you here? who do you fight for? do you fight for the middle class? i believe we do on our side of the aisle. i believe president obama does. and i believe if you look at the tax package that came over from speaker boehner and all of the cuts to medicare -- by the way -- and, madam president, you were a leader in protecting children. there are cuts who child nutrition in there, majo
if republicans say yes to extending middle class tax cuts, president obama moved ahead following threw on a campaign promise to help with student loan program thesms pay as you earn program, starting next friday, will accept applications and cap repayment at 10% of discretionary income. mr. courtney: an individual with $26,000 in income and $36,000 in debt will see their payments drop from $166 a month to $126 a month. you can apply for this online or contact your move congress. let's get away from this fiscal cliff. con garagelations to the president for following through with young americans to make sure they get money to pay for college. the speaker pro tempore: for what purpose does the gentlelady from illinois seek recognition? >> i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection, so ordered. mrs. schmidt: i rise to highlight -- ms. schakowsky: the production tax credit is essential for energy independence, the environment and public health and it is critical for job creation and our economy. the production tax credit has helpe
on president obama to take bold action on the controversial issue of global warming. welcome to "america live", i am megyn kelly. the nrdc has issued a groundbreaking proposal to cut pollution in america's power plants, saying that the epa can and should be used. rules for hundreds of existing power plants, bypassing congress altogether. this kind of proposal would obviously have huge economic impact that could spread across the industry that employ hundreds of thousands of americans. the coal industry. chris stirewalt is our digital politics editor and host of power play. this group has emitted this proposal and wants the epa to take control of these admissions in a way that president obama could not get through congress. he submitted his cap and trade proposal when the democrats controlled the house and senate. nancy pelosi got passed in the house. now this group is going to the epa in saying that you just do it, crack down on these admissions yourself. the supreme court has said that you have this power. go for it. the eta said no, for now. reporter: the epa probably wishes that the group
, and the economy was better then than it is now, we were trying to extend the tax cuts that president obama was asking us to do and that's what we simply did in august. so it is a president obama last signed bill that we are trying to offer an extension of. i reserve my time. the speaker pro tempore: the gentlelady from new york. ms. slaughter: mr. speaker i'm pleased to yield two minutes to the gentleman from minnesota, mr. wauleds. the speaker pro tempore: the gentleman is recognized for two minutes. mr. waums: thank you mr. speaker. -- mr. walz: thank you mechanic. -- mr. speaker. my discharge petition at the zesk a discharge petition the american people spoke loudly in. we faced an election and the message is clear to me, why do you continue to bicker and make these ka bouquet dance statements with one another when it shouldn't be that difficult. we came out of a constitutional convention, when i asked james madison what the secret to this new government was, compromise, compromise, compromise. to sit here and do what we're doing, not bringing this forward and releasing the tension on t
.m. eastern on c-span. >> in president obama's weekly address, he talks about tax policy, the tax cuts put in place by the previous administration that will expire at the end of the year. then the republican address on the economy, jobs, and education policy. >> hello, everybody. over the last few weeks, there's been a lot of talk about deadlines we're facing on jobs and taxes and investments. but with so much noise and so many opinions flying around, it can be easy to lose sight of what this debate is really about. it's not about which political party comes out on top, or who wins or loses in washington. it's about making smart decisions that will have a real impact on your lives and the lives of americans all across the country. right now, middle-class tax cuts are set to expire at the end of the year. time is running out. and there are two things that can happen. first, if congress does nothing, every family in america will see their income taxes automatically go up on january 1st. a typical middle-class family of four would get a $2,200 tax hike. that would be bad for families, it woul
different views. my view and senator corker's views are different but we will have to find spending cuts. >> heather: brad blakeman is assistant to george w. bush and joe seos peculiar is a former congressman. i want to go to the meeting between obama and boehner, what do you think the significance is and what do you think happened. congressman secretary peculiar i will begin with you? >> i believe -- congressman sespek we'll begin with. >> you we know we need $3 trillion in addition to the $1 trillion you just listed. we know that we have to have about $1.4 trillion. more boehner has proposed that in tax reform. it kind of looks like that raising taxes on the wealthy. that means the president which has laid down a substantive plan has to address spending cuts. we need about two dollars in spending cuts for every dollar in tax increases and it has to include entitlement reform. he has talked about different index inflation for social security and raising the age of medicare. that is the grand bargain that we need to do so we stop the negotiation and come to the principle compromise so we
, president obama is suddenly silent, silent on the need for spending cuts. he keeps talking about balance. that polls well. but when it comes to specific cuts, he is largely silent. all of a sudden, it's all tax hikes all the time. forget balance. just raise taxes and spend even more. the president and his allies have taken so many things off the table, the only thing left is the varnish. the president now seems to think after his re-election that if all he talks about is the need for tax hikes and that's all reporters write about, we will all magically forget the part about needing balance. it's a classic bait and switch. and we're seeing new versions of it nearly every day now. democrats campaigned for two years saying we needed to take a balanced approach to our problems, yet now that the president has been re-elected, they are walking back and the only thing left are the taxes. what the president should be doing after his re-election is bringing people together and showing that he has the desire and the ability to lead the two parties to an agreement that's good for the economy and go
. president obama stopped in michigan. he will be talking about the economy and extending tax cuts. >> and again, of course live coverage of the senate later today. they will become at 2:00. we will hear from president obama will be making a stop in michigan. he's going to talk about the economy and extended tax cuts. he's been working on a deal with john boehner. they met yesterday to discuss the fiscal cliff. the president will visit a diameter eco-plant in redford. and as "the detroit news" reports, the company plans to announce $109 investment in that plan for new technology and expanding their production. you can watch the president's remarks live at about 2:00 eastern over on our companion network, c-span. >> friday, former reagan officials reflected on the 1987 negotiations on a nuclear missile treaty with the soviet union. the intermediate nuclear forces treaty, or inf, led to the destruction of thousands of europe-based nuclear missiles on both sides. speakers here will include former assistant secretary of state richard burt, former u.s. ambassador to the soviet union, ja
for congress. and president obama's credit card. let them give up some deductions. let them take spending cuts and be fiscally responsible. the pros and cons, i have seen people that do not pay in and get $1,000. but it does not matter how much we pay or take away, but there is still spending. i do not care what your income is, i am a real-estate agent. that is how i make a living. it is very important for a young couple, to put them in a home. to help them throughout the years. far as i'm concerned, president obama had unlimited spending dollars. host: how much does the mortgage deduction help you and your business? caller: it is extremely important. host: does it help your bottom line? do you think you do more sales? caller: yes, it does. it makes more people eligible. these kids, these couples, they work very hard to say about their money, their down payment. yes, it is very important. host: this is what vivian says on twitter -- host: anthony responds by saying -- host: this news from "the wall street journal." "unions deliver a blow." with a look at what is happening in michigan, thousand
in today for john berman. >> and i'm zoraida sambolin. >>> up first, president obama standing his ground over the fight in the fiscal cliff. americans face crushing tax hikes and severe spending cuts in 27 days if democrats and republicans cannot come together on a deal. by the way, congress breaks for the holidays in ten days. slash that number. in an interview with bloomberg news, the president made it crystal clear he's not about to blink on the issue of tax hikes for the wealthiest americans. >> we'll have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> white house correspondent dan lothian joins us live from washington this morning. very nice to see you, dan. >> good to see you. >> here's the deal. we have republicans pitted against democrats. now we understand there are issues amongst republicans as well. >> that's right. they're in a tough spot here. they don't want to be in left in a position of being blamed for the fiscal cliff. you're seeing a division between house members and senate members. the reason for this is mainly over
obama's re-election was a disaster. or was a suicide. >> trying to put on the black -- and cut off your junk. >> wow. that's a 1996 reference. [ laughter ] >> stephanie: but it is true. if the parallel universe continues. in the real world, we had a great new employment reporter on friday and monica crowley's world, it is just, you know, death and destruction. and dogs and cats living together. all right. sean hannity. >> boehner and company need to do are the following. one, they need to understand the game that obama's playing and they need to adjust accordingly to this. if obama's acting in a way that isn't helping the economy but is meant to destroy the republican party well, they have to accept that and act wisely. it would be suicidal to assume that you're dealing with a reasonable and flexible man when, in fact, obama is a hyperpartisan idea log. this is simply standing up for what is right moral and just. it is standing up for your children and future generations. it is the right thing to do. because t
-on-one television interview since reelection president obama says he will only agree to a deal that raises tax rates on top earners. >> we are not going to simply cut our way to prosperity or cut our way out of this deficit problem. we are going to need more revenues. in order to do that that start with higher rates for the folk at the top. the reasonien, the reason i say that is not to punish success or go after folk just because they are wealthy. it's a simple proposition that you can't raise enough revenue and if you don't raise enough revenue through closing loopholes abductions, it's going to be middle class families that make up the difference. bill: john boehner will speak later this hour. we'll see how he responds to that comment. if washington can't get a deep, automatic tax increases and massive spending cuts do take effect. martha: west virginia senator joe manchin, a democrat discussing the fiscal cliff, social security within medicare. he believes they must be run more efficiently. >> last year the office of budget management says $115 billion was misspent. that's a tremendous savings r
're not going back to 2011, putting revenues and cuts on the table and ended up with the cuts because the other side didn't accept the revenue. >> speaker boehner has yet to sit down with president obama or treasury secretary geithner. boehner said he would accept new revenue but the president insists there's no deal without higher tax rates on the wealthy. in his radio address yesterday he said he's willing to work with republicans to hammer out a plan he says would give both sides some of what they want. meantime, of course, the clock is ticking. >> it is, we're watching, steve. thank you very much. >>> much of the conversation in washington regarding the fiscal cliff is focused on tax rates or how the federal government can bring in more revenue from you. what about the other side of the equation? cutting back on spending and borrowing. steve moore joins us to talk about that and separate fact from fiction when it comes to the numbers. >> thank you for asking that question about the spending side of the ledger. the laos two or three weeks the discussion has been about raising taxes and no di
and some other departments with big cuts, the food stamp program was set aside. president obama and i guess the democratic leaders said we won't even talk about it. no money, no savings, no review of food stamps. it can't be changed. it should be left alone. well, that's not a good plan. i as the ranking member on the budget committee have begun to look at the program to see how it is we have had such great increases. now the agriculture establishment says that every single dollar that's spent is needed for hungry people. i offered an amendment that would have reduced spending over ten years from $800 billion total to $792 billion, reducing spending by $8 billion based on closing a loophole, a categorical eligibility gimmick that should not be there, allowing people to receive benefits that didn't qualify for them. and it was said oh, you want people to be hungry. he was voted down. i thought it was a very modest, reasonable change. by the way, the agriculture spending in our government is different than a lot of people think. mr. president, what is the status of our time? the presiding off
okay. then he just continues. >> obama: i'm willing to find ways to bring down the cost of healthcare without hurting seniors and other americans who depend on it. and i'm willing to make more entitlement spending cuts on top of the $1 trillion in spending cuts i signed into law last year. >> job creators. kenyans. >> stephanie: matt in chicago. you're on "the stephanie miller show." hi matt. >> caller: hi, stephanie. >> stephanie: hi, go ahead. >> caller: "the stephanie miller show." >> stephanie: you would like to be what? >> caller: the official travelling salesman of "the stephanie miller show." >> stephanie: okay. go ahead. >> caller: the comment about the defense of marriage act. you don't have to have a degree in political science to see that if you just read the constitution, it is clearly a constitutional -- amendment. driver's license is good in one state, it should be good in another state. it should apply to marriage certificates. defense of marriage act is a crazy point. >> stephanie
the spending cuts he's willing to make as part of the balanced approach he promised the american people. that's from brendan buck, a press secretary for john boehner. meanwhile, president obama is standing firm on his commitment to sign no deal that doesn't include tax rates for the wealthiest americans. he mentioned some of that yesterday in a campaigning event in michigan, zoraida. >> his spokesperson said they're not going to negotiate through the media. a lot of people are thinking that is actually a good thing. >> correct. >> we have an urgent situation in washington right now. tell us about the deadlines. we know that everybody's leaving for the christmas break and the president had said that he wanted a deal done before then. >> that's absolutely correct. and we also have a de facto deadline that we're pushing up against in terms of on friday. if there is a deal, they will potentially need to reach it by friday. the legislative process takes time to cook, if you will, about two weeks potentially. they would potentially need to have a deal done by friday so that we don't actually go ove
of an effort to cut costs by 1.7 billion dollars per year. fedex stock, no change, 88 bucks a share. now joining the company from chicago is our next guest. the headline for the day is president obama has drawn a line in the sand, he says there isn't a deal on the fiscal cliff unless you raise tax rates on the rich, very important, tax rates on the rich. what do you make of that? >> well, first of all, in some ways, you have to say that the big spending, big government liberals are winning this debate, because they have reframed the entire discussion about revenues. listen, washington has a spending problem, and as long as we kind of misdirect this discussion and we only talk about taxes, then we never discuss any meaningful reform in entitlements. we never discuss spending. so from this standpoint, the left is absolutely winning this argument, because that's what you and i are talking about right now, tax revenue. there is not a revenue story. -- this is not a revenue story. it is a spending story. >> thank you, you are right sir, yet again. thank you very much indeed. let's bring in ki
in the obama care we put into reform. i mean, the republicans just finished telling us that it was terrible that we cut $716 billion out of medicare, and that was terrible. now they want to add a lot more cuts. i think that the cuts we made in medicare were enough. they should not impact beneficiaries. and we shouldn't do anything that will at this point. those cuts may very well over a long period of time put medicare on a sustainable basis. we shouldn't do anything further to medicare until whether we see that works out. >> but you acknowledge a deal is not likely to get done without some reforms to entitlements. >> i do not acknowledge that and if a deal doesn't get done, it doesn't get done. >> you're prepared to go over the cliff as well? >> absolutely. >> it sounds -- >> it's not a cliff, by the way. and understand this. people keep talking about the republicans deliberately created this emergency. in order to blackmail the country. and the emergency here, the cliff so-called, is not a deficit. the emergency is that we're going to reduce the deficit too fast, too far by reducing spend
starting to form an opinion that if president obama wants to go over the fiscal cliff, it appears that way, because he has had no credible counteroffer. he says i will give you cuts in the future but he is not specific. his speeches are always peppered with we have to invest. he does not mean in the private sector. he wants more the firefighters, teachers, policemen. this adds to the public debt. we are borrowing, from what i read yesterday, 46 cents on every dollar. that appears to me to be untenable. i am no fan of john boehner but he makes an offer that got him in touch with the rest of the republicans, by the way, because they said he was capitulating but now, obama comes back with it is not good enough. host: let me go back to the "washington times"store rate -- guest: in the current environment that is the correct policy. component ofone gdp growth providing growth and that is the federal government. in the current environment, you don't want to reduce that substantially. host: when do you bend that curve? guest: i think we are past passing stimulus bill. we have been growing officia
views things, it's called a cut. guest: i think that's true. between 1989 and 2008, the cut was about 3.6% on average over that two-decade period. we had a major runup, partly through the stimulus, partly through large increases in spending that occurred in 2009 and 2010. president obama came into office, he increased this portion of the budget very substantially. 24% over two-year period. so there's been a very major runup in these programs. you can do some retrenchment back to the 2008 levels without doing damage whatsoever. host: isabel sawhill. guest: on this last point. the runup that jim alluded to was due to the recovery act. because we were in a recession and we enacted a stimulus plan. some of these programs were bumped up. but that's search rather. and most of that will go away partly because the recovery act is going to expire and partly because, as i said earlier, we've already had some cuts where i take the form of putting hard caps on how much congress can appropriate for this part of the budget. and those hard caps are going to bite over the next decade. those are things
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